NBCC India Jumps 8% On Upcoming August 31 Bonus Issue Proposal

NBCC (India) shares jumped by 8 percent in early trading on August 28, following the announcement that the company will consider a bonus issue. This positive news sparked strong buying interest, pushing the stock to its day’s peak of Rs 192.60 on the NSE, edging closer to its all-time high of Rs 198.30.

The company’s board of directors is scheduled to meet on August 31, 2024, to assess the proposal for issuing bonus shares to equity shareholders. This potential bonus issue would be funded through the capitalization of reserves, pending shareholder approval and the ratio decided by the board.

In recent developments, on August 14, NBCC’s subsidiary HSCC (India) received a Rs 528.21 crore work order from the Directorate of Medical Education & Research, Haryana. This order involves procuring biomedical equipment and hospital furniture for the Pt. Deen Dayal Upadhyaya University of Health Sciences in Kutail, Karnal.

Additionally, on August 9, NBCC secured a significant Rs 15,000-crore order from the Srinagar Development Authority to develop a Satellite Township covering 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar (J&K).

For its financial performance, NBCC reported a 39% rise in net profit for the quarter ending June 2024, reaching Rs 104.62 crore.

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